The white certificate scheme: the italian experience and proposals for improvement
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The white certificate scheme: the italian experience and proposals for improvement

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The results achieved by the Italian white certificates scheme, its issues and proposals to enhance the mechanism

The results achieved by the Italian white certificates scheme, its issues and proposals to enhance the mechanism

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    The white certificate scheme: the italian experience and proposals for improvement The white certificate scheme: the italian experience and proposals for improvement Document Transcript

    • The white certificate scheme: theitalian experience and proposals forimprovementDario Di Santo Veronica VenturinifiRE – italian federation for the Rational Use of Energy fiRE – italian federation for the Rational Use of EnergyVia anguillarese 301 Via anguillarese 30100123 Roma iT 00123 Roma iTdisanto@fire-italia.org venturini@fire-italia.orgDaniele forni Enrico bielefiRE – italian federation for the Rational Use of Energy fiRE – italian federation for the Rational Use of EnergyVia anguillarese 301 Via anguillarese 30100123 Roma iT 00123 Roma iTforni@fire-italia.org biele@fire-italia.orgKeywordsbaseline, tradable white certicates, programme impact, na- Strengths and weaknesses, achieved results and suggestionstional energy efficiency plans, incentive mechanisms, energy to improve the current scheme will be addressed.efficiency policy, energy savings certificates, policy implemen-tation, cost effectiveness Contents This paper will present in the first chapters how the Italian WhiteAbstract Certificate scheme works, its basis and market dynamics. Then itThe Italian White Certificate scheme is one of the most com- will focus on the evaluation of the economical impact of deemedplete examples of baseline and trade incentive schemes existing savings projects, since they are the most important in term ofin Europe, created with the aim of promoting energy efficiency accounted savings and deeply affect the capability of the schememeasures on final energy uses. The first draft was defined by to reach the mandatory targets and promote energy efficiencyMinisterial decrees in July 2004. The scheme provides for elec- solutions. The analysis will show some critical issues that couldtricity and natural gas DSOs1 the obligation to achieve yearly play a negative role in the future and suggests changes in theenergy saving targets certified by the presentation of a corre- scheme’s design in order to avoid the possibility of a failure.sponding number of white certificates (each equal to one toe). Comparison with other schemes shows that this scheme worksThe DSOs can reach their target either by implementing energy better in promoting the growth of energy efficiency actors thanefficiency solutions among end-users or by buying white cer- in stimulating the implementation of energy efficiency projects.tificate from other DSOs, ESCOs or companies that have an For this reason, the paper suggests to consider white certificateappointed energy manager as provided by Italian law 10/1991. schemes (called hereafter WhC) as a complementary policy, to During the first years of application, the scheme encountered be used together with other incentive schemes and policy tools.some initial difficulties and has been corrected and modified The analysis of the Italian WhC is mostly based on three sur-with ad hoc legislative acts in December 2007 and in May 2008. veys recently implemented by FIRE2 among energy managersRecently, it has become difficult to find white certificates on and ESCOs [1][2][3], on a study realized by FIRE in 2010 [4],the market, due to the configuration of the scheme more than and on information, views, experiences, and issues communi-to market dynamics, and there is the necessity to change the cated by policy makers, institutional officers, FIRE’s members,scheme. and energy managers at FIRE’s workshops, conferences, and It is time to make a brief assessment of the White Certificate training courses [5].scheme, evaluating its effectiveness in promoting energy efficien-cy in comparison to the experiences of other EU member States. 2. fiRE, the italian federation for the Rational Use of Energy, is a no-profit associa- tion that manages the italian energy manager network on behalf of the Ministry for the Economic Development and promotes energy efficiency supporting profes- sionals and operators that work in the energy field. it deals with the italian white1. DSo: distribution system operator. certificate scheme since 2001. ECEEE 2011 SUMMER STUDY • EnERgY EffiCiEnCY fiRST: ThE foUnDaTion of a low-CaRbon SoCiETY 249 Contents Keywords Authors
    • 2-011 Di SanTo ET al PanEl 2: CURREnT EnERgY EffiCiEnCY PoliCiESFigure 1. Yearly DSOs’ targets and issued certificates.The Italian White Certificate scheme technically and administratively sound –, the owner receives from GME (Gestore dei Mercati Energetici that manages theThe sCheme’s bAsICs Italian Power Exchange and the Emission Trading, Green Cer-The Italian WhC scheme (also known as TEE, acronym of tificates and WhC markets) on its account a number of WhCthe Italian legislative definition “titoli di efficienza energetica”, corresponding to the recognized saving (one White Certificatemeaning “energy efficiency certificates”) created by the D.M. 20 equals to one toe of savings).July 2004, whose purpose is to promote measures to improve Every party with WhC on its account can then trade the cer-energy efficiency among end-users, has now entered its second tificates either on the real time GME market7, which usuallyphase, after the changes introduced by the D.M. 21 December is held once a week, or through bilateral contracts registered2007 and the D.Lgs. 30 May 2008 No. 1153. on the GME’s platform. Operators that cannot present WhC The system is based on the obligation, imposed on electric- projects may join the market too as traders. The scope of WhCity and natural gas DSOs with more than 50,000 customers, trading is to allow obliged DSOs to obtain a WhC amount suffi-to meet specific targets, expressed as primary energy savings cient to reach their targets. The certificates should be presentedand increasing over the years as shown in Figure 1, aimed at to AEEG within May 31st of the year that follows the obligation.increasing end-use energy efficiency. These savings can be In the case of an insufficient number of certificates there areachieved through energy efficiency actions among end-users two possibilities:and are assessed using tons of oil equivalent (toe) as measure- • if the number of WhC is at least equal to half the DSO’s tar-ment unit4. Cumulative targets for DSOs, set at 200,000  toe get, the DSO is not subjected to penalties, but the next yearin 2005, rose from 2.2 million toe in 2008 to 6.0 million toe it must add these lacking WhC to its target;in 2012. This year a new ministerial decree should extend thescheme duration beyond 2012. • if the number of WhC does not reach half of the target, the Figure 2 shows how the scheme works. A DSO or a volun- distributor is fined and it has nevertheless to add the lackingtary subject – a DSO with less than 50,000 users, a company WhC to its target the next year.controlled or controlling a DSO, an energy service company It is worth noticing, since it is important in the scheme’s frame-(ESC)5, or a company or institution that have appointed an en- work, that AEEG has not set the value of the penalty. Thatergy manager in accordance with article 19 of law 10/916 – may means it will be calculated on the basis of the extent of theapply for WhC by presenting an energy efficiency project. If default and of the involved DSO’s behaviour in complying withthe project satisfies the rules set by AEEG (the Italian Electric- the request to correct it. Therefore, the market lacks this typi-ity and Gas Authority) and is approved by ENEA (the Italian cal price upper threshold. We will see in Figure 2 which is theEnergy Agency) – whose task is to check that the project is actual threshold to the market price. The end-user can benefit from part of the economic value of the WhC or, less frequently, from a discount on the capital3. D.M. is the abbreviation for ministerial decree, a legislative second rank act that cost of the solution or on the energy service annual fee, whereis issued in accord to a law or a legislative decree (D.lgs.). The white certificate applicable. It can be an active party only if it is an organizationscheme was in fact provided for in the electricity and gas markets liberalizationlaws. with the energy manager appointment obligation provided by4. with the italian production mix, one toe is about 1,200 m3 of gas or 5,350 kwh law 10/1991.of electricity. That means that a 0.187 toe/Mwhe and 0.086 toe/Mwht coefficientsare used. Almost every project involving an improved efficiency in the5. in order to participate in the white certificate scheme it is not necessary to be an final consumption of energy can be admitted in the scheme,ESCo, as defined in the 2006/32/EC directive, but it is sufficient for the company from boilers to lighting systems, from solar thermal to cogen-purpose to deal with the implementation of energy efficiency measures. This is thereason why we use ESC as acronym instead of ESCo. before it can present a projectan ESC shall demonstrate to comply with this request by obtaining an accreditation(“accreditamento”) with aEEg.6. industrial companies that have a primary energy consumption of at least 7. it is possible to participate in “viewer mode” to the sessions by following the10,000 toe and the other type of companies or authorities other 1,000 toe have to directions given at the following link: http://www.mercatoelettrico.org/En/Mercati/appoint an energy manager by law. Their network is managed by fiRE. accessowhC.aspx.250 ECEEE 2011 SUMMER STUDY • EnERgY EffiCiEnCY fiRST: ThE foUnDaTion of a low-CaRbon SoCiETY Contents Keywords Authors
    • PanEl 2: CURREnT EnERgY EffiCiEnCY PoliCiES 2-011 Di SanTo ET alFigure 2. Italian white certificates scheme.eration, from electric motors to industrial process projects. The calculated on the basis of an algorithm based on at least oneexceptions not admitted in the scheme are projects aimed at measurement. For example in the case of high efficient cogen-increasing efficiency in electricity generation and solutions that eration, the savings are calculated with respect to the amountare not listed in dedicated tables provided by the ministerial of fuel consumption, the electricity produced, and the usefuldecrees that set up the scheme8. Each of the eligible projects is heat supplied to the user. The deemed saving approach hasexpected to issue a certain number of certificates, depending on the advantage of requiring no meters and of making the WhCthe installed or replaced units, or on measured parameters (e.g. available since the implementation of the action. The engineer-electricity and heat produced by a district heating plant), usu- ing estimates approach requires some measurements, delayingally for a period of five years (eight years for building envelope the emission of the first WhC usually by one year12. Both ap-related projects, ten years for high efficiency CHP). proaches make it easy to present projects. One of the main issues with WhC is how to calculate the In the other cases, when a simplified file is not available, theenergy savings, since in many cases it is not reliable and prac- proponent must get a prior approval for the procedure of meas-ticable to use meters9. For some actions, the savings are deter- urement and evaluation of the savings he intends to use. Thesemined on the basis of special “files” defined by AEEG. In this are calculated on the basis of measured quantities (the so-calledcase (deemed savings – with no on-field measurement – and “metodo a consuntivo”, or energy monitoring plan). In fact, theengineering estimates – with on-field measurement) it is easy proponent shall make a market survey to estimate the baselineto evaluate the savings on the basis of the installed units or the of the solution with respect to market standards and the relatedproduced kWh (e.g. solar heating, windows replacement, CHP “additional” savings, and propose a methodology to calculateand district heating, etc). For example every square meter of the savings based on appropriate metering. Under this proce-glazed solar thermal panels installed in Rome substituting an dure, important actions – such as industrial cogeneration andelectric boiler corresponds to 0.154 toe10. For deemed savings, many industrial projects, building renovation, waste heat re-a preliminary survey is made by ENEA – previously by AEEG covery, etc – are presented.with the help of ENEA, RSE (Energy System Research Center) An important issue is that only additional savings are consid-or other subjects – in order to evaluate the standardized sav- ered for WhC. Additional savings are evaluated with respect toings to be recognized by these files. If during the survey it is a standard market baseline, dependent on the considered solu-not possible to achieve a standardized method11, the engineer- tion and/or sector, that represents the average energy perform-ing estimates approach is proposed. It implies that savings are ance of the typical action. This is a correct approach, whose aim is to give the incentive only to the savings promoted by the scheme – and not to the ones that would be obtained in any8. The italian version of the D.M. 20 July 2004 is downloadable from the following case because of technological improvement, mandatory stand-link: http://www.autorita.energia.it/it/ee/def.htm. ards, or market developments –, thus theoretically ensuring9. Either because it would be too expensive or because it would be difficult orimpossible to isolate the effects of the energy efficiency solution (e.g. for buildings that the incentive is both cost-effective and able to promote anthermal insulation). increase in energy efficiency. Unfortunately, though, the effects10. This number will change in case of different location (the file considers fivesolar zones), of gas boiler or district heating integration, or of evacuated tube col- of the additional savings approach are not the expected ones.lectors. See “list of deemed savings file” chapter.11. for example, because there is no agreement among the stakeholders (tech-nology manufacturers, energy providers, DSos, consumers, associations, etc), orbecause the savings vary a lot depending on some variable. 12. That is the time required to “measure” the savings. ECEEE 2011 SUMMER STUDY • EnERgY EffiCiEnCY fiRST: ThE foUnDaTion of a low-CaRbon SoCiETY 251 Contents Keywords Authors
    • 2-011 Di SanTo ET al PanEl 2: CURREnT EnERgY EffiCiEnCY PoliCiES In order to facilitate the comprehension of the way addition- ity to obtain WhC, and this means that WhC become only aal savings work, two examples are presented below, one for the premium for the ESC or end-user that presents the project).deemed saving evaluation and one for the energy monitoring In fact, since it is difficult to find reliable market data in Italy,plan evaluation. the evaluation of additional savings is usually more complex If we change our gas boiler with a condensing one at home, and time consuming than the identification of the requiredwe can expect a high energy saving, since often the substituted meters and of the proper algorithm. For some actions, like theboiler is old and characterized by low real efficiency13. But we domestic boiler example, it dramatically reduces the savings,have to take into account that, due to the technological im- with respect to the ex-post VS ex-ante energy consumptionprovements, even low class boilers presently have a high effi- difference, and thus the economic impact of WhC. For thisciency, so the old boiler could not be considered as a baseline. reason, it is a main variable in the scheme and should not beThe baseline should instead be evaluated with respect to the underestimated.typical boiler installed today in the residential sector. In this When renewable sources are used as fuel, the producedparticular case, since the Italian legislation set a minimum useful heat is integrally converted in savings with a 0.086 toe/boiler efficiency that represents well the typical boiler instal- MWht coefficient.lation, this value represents the baseline. So the additional There are four types of WhC:savings are calculated as a difference between this reference • Type I: electricity savings;value and the condensing boiler efficiency, for which the corre-sponding deemed saving is 0.060 toe for a boiler with domestic • Type II: natural gas savings;hot water production installed in Rome. It is worth noticing • Type III: savings of other fuels (LPG, diesel oil, etc) for otherthat to reach one toe of savings with this action, from 10 to 27 purposes than transportation;boilers are needed, depending on the climate zone14, and thiscorrespond, with a WhC price of 90 Euro, to 3–9 Euro/boiler/ • Type IV: savings of other fuels (LPG, diesel oil, etc) foryear. transportation uses. In case of industrial cogeneration (CHP), for which there is This classification exists because end users pay a tariff compo-no simplified file, it is necessary to use the monitoring plan ap- nent on electricity and natural gas distribution to allow obligedproach. Regarding the baseline issue, there are three possibili- DSOs to recover costs “not covered in other ways”16. This com-ties, according to ENEA: ponent gives way to a reimbursement for obliged DSOs that is• CHP is not a usual practice in the considered industrial sec- currently worth 93.68 Euro/toe (it ranged between 88.92 and tor, thus the baseline corresponds to the separated produc- 100.00 Euro per toe from 2005 to 2010) and is assigned to DSOs tion of electricity and heat15; upon the presentation of type I, II, and III certificates to the AEEG17.• CHP is a usual practice in the considered industrial sector The scheme provides a minimum threshold for presenting (e.g. paper or ceramic industry), but has not yet been used projects, which varies from 25 to 200 toe, depending on the in the company that presents the project, thus the baseline type of actions and the proponent (see Table 1). This is miti- corresponds to a typical CHP solution (e.g. steam turbine, gated by the fact that projects implemented among different or reciprocating gas engine); users can be combined to achieve the required threshold. The• CHP is a usual practice in the considered industrial sector threshold is an issue for small projects, especially in case of (e.g. paper or ceramic industry) and CHP was already used energy monitoring plans, and for companies with an energy in the company that presents the project, thus the baseline manager, because for a single user, reaching a 200 additional corresponds to the solution with the higher efficiency be- toe savings is not an easy task. tween the typical CHP system and the ex-ante plant. Table 2 shows that if a proponent implements different ac- tions benefiting different clients, they can be added togetherThis shows how the same solution, which virtually ensures the provided that they present the same evaluation method (allsame energy consumption reduction, is treated differently with deemed savings, for example). If different evaluation methodsrespect to the user. This means that this incentive scheme does are used (for example solar thermal, which uses deemed sav-not consider the capability of different technologies to pro- ings, and CHP, which uses engineering estimates), the corre-mote a real energy consumption reduction, both because of sponding actions can be added only if they benefit a single userthe additional savings and because it does not take into account and are presented as a monitoring plan.projects’ lifetime. Besides, additional savings do not mean ad-ditional actions: we will show below that the incentive is oftentoo weak to justify an operator choice (i.e. the energy efficiencyaction will be carried on in any case, regardless of the possibil- 16. This definition, provided by D.M. 20 July 2004 and meaning that the DSos reimbursement shall take into account the earnings related to energy efficiency investments, is not easy to translate into numbers. Since DSos are mainly passive parties, because they usually do not implement projects, it is possible to say that the DSos reimbursement shall be substantially similar to the whC market price.13. for example 70-75 %, since not only the nominal efficiency is lower, but also DSos actually claim a reimbursement higher than the market price, in order tothe boiler works at partial loads most of the time, due to the mild italian weather. cover the expenses related to their units dealing with whC and the reduced energyThis of course amplify the real efficiency gap between the two solutions. earnings from distribution.14. in italy there are six climate zone, classified from a (the hotter one) to f (the 17. Type iV certificates do not give access to reimbursement, thus making themcolder one). Roma is in zone D. not worth to exchange on the market (this is the reason why in the price diagram15. This is by the way the case of ChP for civil sector heating and cooling uses, as in figure 3 they are not present). it is expected that a new law will change this andconsidered in engineering estimates file no. 21. so in the next years they also will become interesting.252 ECEEE 2011 SUMMER STUDY • EnERgY EffiCiEnCY fiRST: ThE foUnDaTion of a low-CaRbon SoCiETY Contents Keywords Authors
    • PanEl 2: CURREnT EnERgY EffiCiEnCY PoliCiES 2-011 Di SanTo ET alTable 1. minimum required thresholds to present a project. DSOs and company with Threshold (toe) Voluntary parties energy manager Deemed savings 25 25 Engineering estimates 100 50 Monitoring plan 200 100Table 2. possibility to sum up different actions to reach the thresholds of Table 1. Possibility to sum different Non homogeneous actions in a project to reach Homogenous savings evaluation methods savings evaluation the minimum threshold methods Engineering One client Deemed savings Monitoring plan Monitoring Plan estimates Engineering Many clients Deemed savings Monitoring plan Not permitted estimatesFigure 3. WhC (TEE) price trend.DemAnD, supply AnD WhC’s prICe toe. Figure 3 shows the price trend over the years (till the begin-The scheme therefore works on the basis of a demand, repre- ning of March 2011)18.sented by the obligation imposed on DSOs (e.g. 4.3 million toe WhC can be cumulated with another national scheme grant-in 2010), and a supply, represented by the certificates held by ing a 55  % tax deduction when energy efficiency refurbish-parties who have presented and got approved energy efficiency ments are undertaken, and with many regional incentives. Thisprojects. means that a household owner can obtain the tax deduction Since there is a demand/supply driven market, periods of for a solar thermal or a double glass window installation, foroversupply, as in 2008, when the price tends to remain relatively example, and an ESC can ask for WhC (of course provided itlow can be followed by periods when the price goes up because reaches the minimum project threshold by summing up differ-of a shortage of certificates. The certificates are bankable until ent clients), offering a discount to the end-user. They are also2012 and can therefore be withheld by the owner to be sold at a compatible with green certificates and the RES feed in tariff, buttime considered more favourable. only for the thermal part (i.e. green certificates can be issued on In 2009, the certificates were traded at a value between the electrical output of a biomass fired cogeneration plant while75 and 85 Euro per toe, whereas in 2010 the price has reached WhC can be obtained on the heat recovery, if used for heating,100 Euro per toe and has averaged in the range 90-95 Euro per air conditioning, or other useful purposes). 18. Type iii whC were not exchanged before the end of 2008 because till then they opened no right to tariff reimbursement. Presently only type iV whC have this problem. ECEEE 2011 SUMMER STUDY • EnERgY EffiCiEnCY fiRST: ThE foUnDaTion of a low-CaRbon SoCiETY 253 Contents Keywords Authors
    • 2-011 Di SanTo ET al PanEl 2: CURREnT EnERgY EffiCiEnCY PoliCiESFigure 4. Usage of simplified files and monitoring plans as total Figure 5. Deemed savings share by different solutions.savings percentages.Deemed savings capability to promote energy end of this article, the new values of the files are also presentedefficiency (marked with a “bis” or a “tris”). The other solutions are less profitable, and in most casesAs part of the scheme of energy efficiency certificates, the the cash flow generated by WhC trading seems insufficientmethod of deemed savings deserves special attention because, to promote their implementation. FIRE has pointed out thissince the scheme has started, using standard files to quantify risk since the beginning of the scheme, when the availabilitythe energy savings has largely prevailed over the other two of the first file for CFL lamps permitted to get one WhC everytypes of evaluation, both in terms of savings certificates and 79 lamps, making this action very inviting for DSOs and ESCs.number of operations performed (as shown in Figure 4 [6]). As soon as the file was modified, reducing the additional sav-The reason for this success lies mainly in the simplicity of appli- ing coefficient, this solution became less attractive; the samecation of such files, which do not require direct measurements happened with aerators and low flow shower taps. As a conse-of energy flows. quence the percentage for these solutions has been reducing in It is worth noticing that the fall in engineering estimates is the recent times. Since WhC market prices have not changeddue to an administrative tribunal decision in 2006 that blocked much, the lack of other highly profitable solutions explains thethe possibility to recognize savings related to CHP and district reason why it is getting difficult to find WhC on the market (asheating files19. shown by Figure 1). Another emerging trend is the growth of monitoring plans, It is possible to start from a simple calculation, in order todue both to a better understanding of the methods needed to better explain this point. One toe means around 90 Euro frompresent this kind of projects, and to an increasing difficulty in WhC, as seen in Figure 3, and an economic saving on bill ofpresenting new deemed projects. 400-600 Euro for the large industrial users and 700-800 Euro Figure 5 shows what kind of technical solutions were pre- for the civil ones with Italian energy prices21 (household aver-sented among deemed saving files. It is clear that compact fluo- age costs in early 2011, as reported by AEEG, are 0.75 Euro/m3rescent lamps, together with low flow shower taps and aerators and 0.16 Euro/kWh). Apparently WhC increase the cash flowlead the game, with 87 % of savings. Altogether, the other files of a 10-20 %, which would represent a good incentive. There areamounted only to 13 %. two aspects that shall be considered: this percentage is usually This is because the files related to CFL, aerators and shower lower due to the additional saving coefficient and the impacttaps permitted to earn through WhC more than their capital of the incentive – cumulated over the years of WhC recogni-cost. In addition, it was sufficient to distribute lamps, without tion – depends on the capital cost of the action (acceptableany on-site installation. These actions provided a very strong investments in term of pay back time usually average 1,000-economic benefit, resulting in a rapid diffusion of CFL on the 2,000  Euro/toe for industrial users and 3,000-6,000  Euro/market. Thus CFL became the baseline, and AEEG decided to toe for civil users, whereas the WhC contribution is aroundchange the additional savings coefficient20, reducing the ad- 400 Euro – calculated at a 5 % discount rate – on “additional”ditional savings. In the list of the deemed savings files at the toes). In order to address more specifically this issue, FIRE carried on a study in 2010 within the “Ricerca di Sistema” programme19. The tribunal decision followed a request of a DSo that asked for an increasein the calculated savings. The tribunal gave reason to the DSo and asked aEEg to evaluate the “incentive to capital cost of investment” ratio forto change the algorithm, but the aEEg tried to have the sentence changed by the deemed savings files.superior tribunal (Consiglio di Stato), which confirmed the tribunal decision, andthen it took another half a year – in 2010 – to issue the new files no. 21 e no. 22. The main hypotheses are:Thus all the ChP and district heating plants realized between 2006 and 2010 willhave their whC issued in the end of 2010 and for this reason a strong increase inthe engineering estimates percentage is expected in 2011 aEEg’s report.20. To keep into account only the additional saving, a additional saving coefficientis used, which is 100 % when the baseline corresponds to the ex-ante situation anda value between 0 and 100 % in the other cases. The gross savings are then mul- 21. lPg and diesel oil will cost 1,300-1,500 Euro/toe. large industrial costumerstiplied by this coefficient to get the net savings that are considered to issue whC. costs are lower, but usually higher than other EU Countries.254 ECEEE 2011 SUMMER STUDY • EnERgY EffiCiEnCY fiRST: ThE foUnDaTion of a low-CaRbon SoCiETY Contents Keywords Authors
    • PanEl 2: CURREnT EnERgY EffiCiEnCY PoliCiES 2-011 Di SanTo ET al %Figure 6. WhC’s incentive VS capital cost ratio for deeemed savings files. Only results above 10% are shown.• for each technology a range of typical investment cost has it is very difficult to find enough certificates on the market, the been estimated; situation is becoming critical. The low revenue per unit and the complex procedure for the• the value of 90 Euro/toe has been applied for the years of collection of documentation to present a project, in fact, often the incentive (five or eight depending on the solution) and do not justify the effort of presenting a WhC project. This is the discounted at 5 % ; case of actions that are not normally made by actors allowed• the incentive/capital cost ratio has been calculated for typi- to present projects, such as small companies and individual cal situations, with reference to climate zone, solar zone, and installers, for heat pumps, boilers, air conditioners, window other files’ variables. glazing and insulation in residential buildings. In these cases, the number of units to reach the threshold for submission of aFigure 6 shows the files that presents a “WhC incentive/capital project is particularly high, and the per unit revenue is low. To-cost of the action” ratio higher than 10 %. As it can be seen, gether they make it inconvenient to take part in the scheme23.apart from lamps, taps, and stand-by, only VSD for industrial One option for equipment and appliance retailers and in-pumps, solar thermal collectors in substitution of electric boil- stallers may be to rely on an ESC, which could serve as a “col-ers, and the substitution of electric DHW boilers with gas boil- lector” of actions. On the other hand, however, it would not beers remain available. All other actions present a lower ratio. easy to involve such a company, because of the low premium It is worth noticing that even if a less than 10 % ratio can be available, if the collectable certificates are not a conspicuousgood when calculating NPV and IRR22, from a psychological number.point of view it is insignificant, at least in terms of helping to This is the reason why the scheme is not able, at least with thechoose which energy efficiency action to implement. actions considered so far, to promote these technical solutions The methodology of evaluation through deemed savings efficiently.presently works more as a support scheme for ESCs rather In order to check the position of energy managers and thethan as an award to stimulate the investment in energy efficient other operators on this issue, FIRE made three surveys, onetechnologies. The main reason for the high disparity in terms aimed at ESCos in 2009 [1] and the other at energy managers,of economic returns among the technologies is due to the fact which closed respectively in 2009 [2] and in January 2011 [3].that the WhC scheme considers only the yearly additional sav- The results, with respect to the perception of the WhC strength,ings achieved by each technology in the 5-10 years for which was similar. We present below information about the most re-WhC are issued, and is not related to the expected lifetime of cent survey. A questionnaire was sent to approx. 2,000 energythe different projects. Thus the market baseline of the different managers and FIRE received 144 replies24.technologies becomes fundamental in evaluating the weight of Figure 7 shows that the participation of energy managers inthe WhC incentive. the WhC scheme has till now been very scarce and that many Although in principle this represents a just form of re-source allocation, giving full importance to the objective to beachieved and not to the means, in practice it results in leavingout of the game several viable technologies that could be imple- 23. for example, in the case of the replacement of single glazing with double glaz-mented broadly, but are not stimulated by the WhC scheme. As ing in residential file n. 4, between 1,100 and 12,500 m2 of surface, depending on climate zone, need to be replaced to reach the minimum threshold of 25 toe with a corresponding revenue varying from 12 Euro to 1 Euro per square meter. 24. Considering that the questionnaire was a complex one and that it remained22. nPV (net Present Value) and iRR (internal Rate of Return) are well known open for answers for a short period the answer rate is satisfying and higher thaneconomic indicators to evaluate investments. usual. ECEEE 2011 SUMMER STUDY • EnERgY EffiCiEnCY fiRST: ThE foUnDaTion of a low-CaRbon SoCiETY 255 Contents Keywords Authors
    • 2-011 Di SanTo ET al PanEl 2: CURREnT EnERgY EffiCiEnCY PoliCiESFigure 7. Energy manager answers to one of the questions raised within a recent FIRE survey. SSE=ESC, distributor=DSO.of them do not consider the scheme worth joining in. The most Critical aspectscommonly provided reasons are: The WhC scheme has shown some critical issues, only partly• lack of interest due to an insufficient economic value; resolved by the latest measures issued by public authorities. Legislative decree 115/2008 opened the way for some substan-• complexity of the scheme; tial changes, but it was not transposed in a ministerial decree.• lack of an adequate knowledge of the WhC scheme; The government showed a renewed commitment to the scheme with the legislative decree 28/2011 related to the 2009/28/EC• size of actions below the scheme threshold; directive, so 2011 should be the year for a confrontation be-• lack of a dedicated call centre for queries about the scheme; tween institutions and stakeholders to identify the possible improvements.• lack of guidelines for monitoring plans evaluation and for The following issues could enhance this scheme if correctly simplified files; dealt with.• lack of interest in energy efficiency measures from their Presently only  25 simplified files have been published by company. AEEG26. Given that over 90 % of the presented projects cor- responds to this kind of actions, it goes without saying that thisThe first three points are linked together, and witness the fact is a limiting factor: many implemented projects that fall outsidethat the WhC scheme is not a strong incentive to implement the files are not asking for certificates. This is reflected by theenergy efficiency actions. Besides, its complexity and the dif- very low number of applications submitted by companies withficulty of getting information frighten many people more than energy managers (only two at the end of June 2010, to be com-the scheme deserves. pared with the over 2,000 companies and local authorities that• The reasons behind this result are the following: have an appointed energy manager). Information about the availability of WhC on the market and• Obliged distributors do not play a direct role in the im- their trading prices have improved thanks to recent measures plementation of energy efficiency measures (i.e. their only (e.g. bilateral market average prices are now published month- source of revenue is the tariff reimbursement); they do not ly), but this is still not enough to enable an investor to properly really care about the WhC scheme, even considering their manage the price risk and the best market strategies, both be- ESCOs25. cause of the low frequency of updates and of the lack of data.• Low incentives, together with the minimum threshold, the This represents an important limitation for a baseline and trade complexity of the scheme, and the lack of information, keep scheme. It would be useful to have a web page on the GME away many potential participants. website with real-time data. And it would not be difficult to achieve, considering that all the projects are presented via web.• The financial crisis does not help energy efficiency, at least The definition of the new rules on the reimbursement rate until energy prices remains low (which is not the recent for DSOs – indexed to the trend of the main energy carriers, trend). but not to the outcome of the market in the previous years - is another limit to the price of WhC, given the reluctance of DSOs to directly implement projects and to purchase certificates at a price greater than the refund. Having no longer profitable 26. The twenty files indicated in the list below and five engineering estimates: ChP, district heating, VSD for water pumping systems, natural gas decompression25. for example EnEl Si and EnEl Sole for the EnEl group. systems, centralized heating and cooling for buildings.256 ECEEE 2011 SUMMER STUDY • EnERgY EffiCiEnCY fiRST: ThE foUnDaTion of a low-CaRbon SoCiETY Contents Keywords Authors
    • PanEl 2: CURREnT EnERgY EffiCiEnCY PoliCiES 2-011 Di SanTo ET alprojects like the fluorescent lamps to drive the supply side, takes into account the capability of the implemented actionsconsidering the fast growing energy saving targets, represents to produce savings during its lifetime. The national target foran issue since WhC price is rising and the reimbursement is the 2006–2009 period has been totally fulfilled (and even ex-not. Thus, unless the reimbursement rule is reviewed to allow ceeded) by the obliged actors. For the second obligation pe-higher values, to increase the number of presented projects, riod, the obligation has been increased from 54 TWh cumaca simplification of the applications for monitoring plans, and up to 345 TWh cumac, with transport fuel suppliers added topossibly the reduction of the thresholds for projects dimension the energy suppliers as obliged actors. Compared to the Italianwill become almost a requirement. scheme, the number of French files is much higher (currently, The possibility to introduce a minimum threshold for the there are about 200  files for 200  energy efficiency actions),price of WhC could also be considered, like the one used in the and covers almost all energy savings registered in the FrenchItalian green certificate scheme, in order to shield participating scheme. Another method of calculation is admitted: specificcompanies from the risk of very low prices on the market (note field measures are presented to and evaluated by ADEME, andhowever that this is not a risk in the near future, because of the this aspect can be easily compared to the Italian monitoringlack of certificates expected for the 2011 obligation). plan evaluation method. Concerning additional savings, it is better to maintain them, It is worth noticing that not only these three schemes, butbut it could be useful to simplify their evaluation in monitoring also the one set by Flemish government in the Belgian federa-plan projects, or at least to provide sectorial guidelines to help tion, created in 2003, have fulfilled their targets and are consid-proponents to identify them. ered cost effective, since the cost to save energy is lower than the cost of supply. The French scheme is more capable of pro- moting structural actions, since the savings are calculated onA Tee scheme to be generalised to all european the lifespan of the projects. This is an important point, togethercountries? with a simple procedure for approving new deemed savingsEven if energy efficiency is usually considered the most cost- files.effective option to achieve emission reduction targets, it is well At EU level, the European Commission would like to createknown that it needs some support both to implement long pay- a harmonized scheme, but since each country has already setback time actions and to overcome non economic barriers. For its own schemes, with different obliged actors, different fields ofthis reason, during the last decades, starting from the oil crisis action and also different energy units to calculate the savings,of the 70s, many policies have been adopted and many incen- it is almost impossible to start a new general scheme with com-tives used. mon rules. What can be done is the creation of an energy sav- At EU level, what has been achieved so far is not in line with ings obligation scheme in the framework of the Energy Servicesthe energy efficiency goal of 20 % by 2020. Even if it is not man- Directive recast that will be done in the next months. Shoulddatory, stronger efforts are needed and a new European En- this be agreed upon, the EU will provide a general framework,ergy Efficiency Action Plan (EEAP) has recently been adopted, while national schemes will remain in the member States’together with new legislative proposals and energy directives responsibility. Two fundamental points that the Europeanrecasts. In 2013, the European Commission will provide an Commission wants to clarify are that savings must be “real”“assessment of the results obtained and whether (energy effi- and “measurable”. Qualitative energy efficiency improvementciency) programs will, in combination, deliver the 20 % objec- measures should also be provided together with the completiontive”. In the case the EU target is unlikely to be achieved, “the of a competitive energy market where ESCos should be seen asCommission will propose legally binding national targets for the main boost. Moreover, consumer rights and consciousness2020”. It means that the efforts required by the national energy must be strengthened (information, access to ESCo services,efficiency policies must be strengthened and more incentives demand side management) [14, 15].need to be created. Among measures indicated in the EEAP, As alternatives, or complementary instruments to WhC, it isWhC are perhaps the most complex solution, and also a very possible to consider tax deduction schemes, guarantee funds,new one. In this chapter some European WhC schemes are incentive for interest28, and schemes that give a set incentivebriefly compared, together with other type of policies. for every saved kWh or toe. Italy is planning to issue the sec- Table  3 shows some differences among the three WhC ond and the third schemes, in order to promote ESCOs andschemes used in the UK, France, and Italy. It is worth noticing small energy efficiency measures respectively. Considering thethat all schemes have been able to fulfil their targets in the last emphasis that the EEAP puts on ESCos, guarantee funds andyears. They differ in many aspects, but additional savings are incentive for interest can be a very effective solution. Energya fundamental requirement for all three schemes (for further efficiency actions are usually cost effective, so it is importantinvestigation we suggest [1]). to create the conditions for facilitating ESCos’ activities. Tax The French scheme, started in 2006, is the closest to the Ital- deduction is interesting especially when undeclared work isian one. For measuring savings, standardized measure files widespread, because revenue generated by taxes paid by unde-have been defined, providing eligibility criteria and calculation clared labourers can help balance the cost of the policy for themethods for the most common measures. The energy unit to State budget. In Italy, the 55 % tax deduction, whose amountmeasure the realized energy savings is the kWh cumac27, which is distributed over five years (ten for projects implemented in 28. These are schemes that finance the interest rate given by banks, thus making27. The word “Cumac” is a synthesis of the french words ”cumulé” and ”actual- convenient for third party financing and energy performance contracts. guaranteeisé”, meaning added and discounted. funds have similar effects. ECEEE 2011 SUMMER STUDY • EnERgY EffiCiEnCY fiRST: ThE foUnDaTion of a low-CaRbon SoCiETY 257 Contents Keywords Authors
    • 2-011 Di SanTo ET al PanEl 2: CURREnT EnERgY EffiCiEnCY PoliCiESTable 3. Comparison among different white certificate schemes [14].2011), has been an outstanding success for building actions like demonstrates that the targets can be achieved with projects thatsolar thermal, double glazed windows, thermal insulation and at least in part are not really promoted by the scheme, and thenhigh efficiency boilers. Another tax deduction scheme, 20 % for are not really “additional”30, even if they comply with the AEEGelectric engines, has instead been a failure. This suggests that definition of additional savings (e.g. the household boilers ex-such schemes require a high level of incentive to be effective. ample previously shown).Besides, they can only be used by people with a tax debit, and In Italy the situation can be portrayed as a half full glass. Thethis is an important limit. scheme has worked well so far for some specific actions and has been able to achieve the mandatory targets. After the end of first phase, dominated by compact fluorescent lamps, it hasDiscussion and proposals become difficult to reach the targets. Recognizing this issue,The WhC scheme is a complex scheme, and therefore difficult schemes [14]. decree 3 March 2011 gives the possibility to the Table 3. Comparison among different white certificate the legislativeand expensive to manage for the DSOs and voluntary parties. Ministry of Economic Development to increase the value ofTherefore the role of AEEG and from now on of ENEA and the incentive – by allowing higher prices in the market throughGSE29, both as regulator and facilitators, will be decisive for a revision of the DSOs reimbursement and/or by introducingits success. multipliers for the acknowledged savings based on the lifespan In fact, due to the issues indicated in this paper, it may be savings of different solutions31 –, and to allow the presentationquestioned whether WhC schemes are useful and effective. It is of new projects to become simpler and cheaper.difficult to give a yes/no answer, since there is no experience of Up to now the Ministry of Economic Development hassuch a scheme at a maturity stage. Most of the indicated issues demonstrated to be able to overcome the main issues of thecan be overcome by the right policy measures, so it is worth to schemes, so it is possible that the modifications that are goingtry at least some modifications. to be decided will improve the scheme. The first issue is how to judge whether it has been a success. The second issue is what are the goals of a WhC scheme.An important point is that the achievements of the scheme There are three possibilities.should be measured on the basis of the actions actually pro-moted and the contribution to the development of energyservice companies and the energy efficiency market, not just tothe fulfilment of the mandatory targets. The Italian experience 30. because whC do not affect the choice of the project proponent of implement- ing the project, as shown before in the document. 31. for example interventions on the building envelope or on district heating could29. The recent legislative Decree 3 march 2011 n. 28 (adoption of the 2009/28/EC have a multiplier equal to three or four, since the savings will be generated for adirective) assigns to gSE (gestore dei Servizi Energetici) the role of managing the long time, whereas solutions such as lamps or stand-by systems will have one orwhite certificates projects platform that presently is managed by aEEg. less, since they won’t last more than five years.258 ECEEE 2011 SUMMER STUDY • EnERgY EffiCiEnCY fiRST: ThE foUnDaTion of a low-CaRbon SoCiETY Contents Keywords Authors
    • PanEl 2: CURREnT EnERgY EffiCiEnCY PoliCiES 2-011 Di SanTo ET alTable 4. Deemed savings files. Deemed savings files Saving (10-3 Units needed to File Unit per toe Technology Unit toe/unit/year) reach 25 toe number min max min max max min 1-tris CFLs P <15W lamp 212 4.049 0 5 101.215 5.306 2 electric DHW boiler -> gas DHW boiler 1 boiler 14 14 73 73 342 342 3 4 stars boiler heating 1 boiler 11 71 14 92 1.786 272 heating and DHW 1 boiler 9 25 40 117 625 214 4 gas DHW boiler -> high efficiency gas DHW boiler 1 boiler 16 16 64 64 391 391 5 single glazed windows -> double glazed windows houses 1 m2 43 500 2 23 12.500 1.087 offices 1 m2 56 500 2 18 12.500 1.389 hospitals 1 m2 38 250 4 26 6.250 962 6 walls and roof insulation houses 1 m2 83 3.333 0 12 83.333 2.083 offices 1 m2 108 3.333 0 9 83.333 2.688 hospitals 1 m2 79 1.667 1 13 41.667 1.969 7 photovoltaic beta< 70° 1 kWp 3 4 240 346 104 72 beta> 70° 1 kWp 4 6 166 241 151 104 8-bis solar thermal collectors for DHW electric boiler substitution 1 m2 4 10 104 229 240 109 gas/oil boiler substitution 1 m2 7 16 61 134 410 187 district heating 1 m2 10 22 45 98 556 255 9 VSD electric engines for industrial pumping systems 1 turn industry 1 kW 12 42 24 83 1.042 301 2 turns industry 1 kW 6 20 49 166 508 151 3 turns industry 1 kW 3 11 95 319 265 78 seasonal industry 1 kW 11 38 27 90 940 278 11 high efficiency electric engines 1 turn industry 1 kW 37 294 3 27 7.353 936 2 turns industry 1 kW 19 149 7 53 3.731 469 3 turns industry 1 kW 10 77 13 102 1.923 245 seasonal industry 1 kW 35 270 4 29 6.757 868 13a-bis aerators and low flow shower taps residential sector 1 device 187 187 5 5 4.682 4.682 13b-bis low flow shower taps hotels electric boiler 1 device 60 60 17 17 1.488 1.488 gas/oil boilers 1 device 101 101 10 10 2.525 2.525 13c-bis low flow shower taps sport centers electric boiler 1 device 11 11 89 89 282 282 gas/oil boilers 1 device 19 19 53 53 476 476 15 air to air domestic heat pumps COP 3,0 apartment 6 59 17 166 1.471 151 COP 3,5 apartment 4 48 21 226 1.190 111 COP 4,0 apartment 4 40 25 272 1.000 92 COP 4,5 apartment 3 36 28 308 893 81 17 public lighting control systems 1 kW 4 14 70 234 357 107 18 MV public lighting lamps->HPS lamps 1 lamp 5 31 32 206 779 121 19 air conditioners < 12kWf 1 kWf 263 588 2 4 14.706 6.579 20 walls and roof insulation for cooling purposes 1 m2 1.250 5.000 0 1 125.000 31.250 23 led semaphoric lamps lamp (10 W) 14 40 25 74 998 339 24 led lamps for cemeteries lamp (0,5 W) 611 611 2 2 15.263 15.263 25a anti standby anti stand-by device 150 150 7 7 3.741 3.741 25b anti standby anti stand-by device 376 376 3 3 9.402 9.402 27 DHW electric heat pumps heat pump 9 15 68 111 368 225• To achieve its mandatory targets. It could be easy or difficult In the second case, it is possible to consider the possibility of depending on how easy it is to present a project and evalu- using two different and additional schemes: WhC as a basis and ate the savings. It does not ensure an increase in energy ef- another instrument (e.g. a tax exemption, a guarantee fund, a ficiency, but can still be useful for the assessment of national fixed premium for toe scheme) dedicated to effectively promote savings. WhC’s price can be very low. specific energy efficiency measures. It could be something like the experience of the 55 % tax exemption in Italy. The advan-• To promote energy efficiency operators and professionals tage is that it is possible to maintain an almost pure baseline growth. Same as above, but with a higher WhC’s price, and and trade scheme, with the related cost-effective benefits, while it will add to savings assessment the capability of consist- having the opportunity to promote a rapid diffusion of some ently increasing the growth rate of ESCs and other actors. It technologies. is advisable to have easy procedures to present projects and The third case has the advantage, with respect to the previous to evaluate savings. one, of avoiding the complexity of dealing with cross-subsidies.• To stimulate the implementation of additional energy ef- It is though quite difficult to manage without the introduction ficiency projects. In this case, which will comprehend the of multipliers, which can compromise the cost-effectiveness of previous ones, the market price should be high enough to the scheme, or of a high market price32, both measures that can allow the WhC price/capital cost ratio to be well above 20 %. lead to speculative effects. Even in the hypothesis of a perfect In this case, it is advisable to have strict procedures for the policy design, able to assign the right multiplier to each tech- evaluation of savings, since the incentive value is strong. nology, the complexity of the system can become excessive and unmanageable.Considering the costs involved in the creation and manage-ment of a WhC scheme, the first case should not be taken intoaccount, unless policy makers reckon it as very important in 32. in the italian scheme it means to set a higher value for the DSos’ reimburse-their country. ment. of course it would be very difficult to determine such a value. ECEEE 2011 SUMMER STUDY • EnERgY EffiCiEnCY fiRST: ThE foUnDaTion of a low-CaRbon SoCiETY 259 Contents Keywords Authors
    • 2-011 Di SanTo ET al PanEl 2: CURREnT EnERgY EffiCiEnCY PoliCiES The last issue is that since the scheme is complex, it is cru- FIRE conference and workshop proceedings dedicated tocial to monitor its achievements, something that can be done white certificates (www.fire-italia.it/convegni.asp):through surveys and data analysis. Until now this issue has Convegno FIRE - Rimini - 4 novembre 2010 - Certificatibeen underestimated in Italy, as the importance of disseminat- bianchi: risultati e proposte di miglioramentoing proper information to stakeholders. Key Energy 2009 - Rimini - 29 ottobre 2009 - Certificati It will be interesting to see what the achievements of the bianchi: la partita si fa seriaWhC scheme will be in the next 2–3 years. In the meantime, Hotel Universo - Roma - 22 aprile 2008 - Il nuovo sistema dicountries that are going to start such a scheme should make incentivazione dell’efficienza energeticasure that they deal in an appropriate way with the illustrated Older workshops not listed here but available on the indicatedissues and that they take into account a periodical review of the web pagerules in order to overcome possible issues. AEEG’s annual reports about white certificates, www.autorita. energia.it/it/pubblicazioni_ee.htm GME’s monthly newsletters, www.mercatoelettrico.org/It/list of deemed saving files Tools/newsletter.aspxFiles no. 1-tris and no. 13b-bis and 13c-bis are no more active Concerted Action for the implementation of the 2006/32/ECsince January 2011. directive, core theme number 3, information gathered through FIRE’s participation in working groups Energy Efficiency Plan 2011 - Communication from theuseful links and references Commission to the European Parliament, the Council, the European Economic and Social Committee and the Com-lInKs of InsTITuTIons AnD AssoCIATIons relATeD To WhITe mittee and the Committee of the Regions, COM(2011)CerTIfICATes In ITAly 109/4AEEG, Italian electricity and gas authority, www.autorita. “European Workshop on Experiences and Policies on Energy energia.it Saving Obligations and White Certificates” proceedings,GME, Italian energy market operator, www.mercatoelettrico. 27-28 January 2011, http://re.jrc.ec.europa.eu/energyef- org ficiency/events/WhC_Workshop.htmENEA, Italian Agency for new technologies, energy and envi- “Tradable certificates for energy savings (white certificates) ronment, www.enea.it - theory and practice”, P. Bertoldi, S. Rezessy, 2006, Eu-RSE, Energy System Research center, www.rse-web.it ropean Commission Joint Research Centre, Institute forMSE, Ministry of Economic Development, www. Environment and Sustainability sviluppoeconomico.gov.it “Polices for increasing energy efficiency: Thirty years of expe-Federutility, Federation of DSOs, www.federutility.it rience in OECD countries”, H. Gellera, P. Harringtonb, A.Agesi, www.agesi.it, and Assoesco, www.assoesco.org, ESCos H. Rosenfeldc, S. Tanishimad, F. Unanderd, Energy Policy associations 34 (2006) 556–573FIRE, Italian Federation for the rational use of energy, www. “What can we learn from tradable green certificate markets fire-italia.org for trading white certificates?”, R. Haas, N. Sagbauer, G. Resch, ECEEE 2009 Summer Study - Act! Innovate!referenCes Deliver! Reducing energy demand sustainably“Le ESCO in Italia”, a FIRE survey on ESCOs in Italy, 2008, “Energy company obligations to save energy in Italy, the UK www.fire-italia.it/indagini/2008-12_indagine_ESCO_re- and France: what have we learnt?”, N. Eyre, M. Pavan, L. port.pdf Bodineau, ECEEE 2009 Summer Study - Act! Innovate!“Indagine di monitoraggio della partecipazione al meccanis- Deliver! Reducing energy demand sustainably mo dei WhC”, a FIRE survey on WhC in Italy, 2009, www. IEA documentation and proceedings available fire-italia.it/indagini/WhC/WhC_1.asp through the web sites: www.ieadsm.org/ViewTask.“Indagine sul gradimento dei WhC tra gli energy manager”, aspx?ID=17&Task=14, www.ieadsm.org/Content. a FIRE survey in cooperation with ENEL on the energy aspx?ID=7#ancMilan managers participation in WhC in Italy, 2011, www.fire- Energie Plus, Maitriser l’energie durablement, Revue de italia.it/indagini/WhC_ENEL/WhC_ENEL.asp l’Association technique energie environnement, biweekly“Osservazioni sul meccanismo dei certificati bianchi e spunti newsletter and bimonthly insight, all numbers from 2007 per l’aggiornamento”, D. Di Santo, RdS, 2010, www.enea. to 2011 it/attivita_ricerca/energia/sistema_elettrico/Elettrotec- Ademe & Vous, Ademe international monthly magazine, all nologie/Report-elettrotecnologie.html numbers from 2007 to 2011260 ECEEE 2011 SUMMER STUDY • EnERgY EffiCiEnCY fiRST: ThE foUnDaTion of a low-CaRbon SoCiETY Contents Keywords Authors